Facts checked October 29, 2026 · every cell sourced
Most people who follow CMBS loans use one of a handful of data firms, and each was built for a different job. This page puts them next to each other, and next to cmbs.news, on the things buyers ask about: what the data covers, whether it includes the special servicer's comments and the bonds, whether there is an API or an AI connector, and how you get access. The cmbs.news column is the free version, available today; the others are paid products. Every fact links to the public page it came from.
| What it offers | cmbs.newsfree today | Trepppaid product | CRED iQpaid product | Morningstar Credit Analyticspaid product | KBRA Analyticspaid product | CoStarpaid product | Reonomypaid product | ATTOMpaid product | Intexpaid product |
|---|---|---|---|---|---|---|---|---|---|
| Coverage | |||||||||
| Public conduit CMBS loans | Every public trust that files Schedule AL source | CMBS Third-party description source | Yes Per CRE Daily source | Yes source | Private-label CMBS source | CMBS loans on building records source | CMBS loan details on property records Per CRE Daily source | Not published Not listed on the pages we read | CMBS deal models source |
| Private single-borrower (SASB, Rule 144A) deals | Not filed with the SEC source | Not published Sources we read say CMBS without splitting out SASB | Yes Per CRE Daily source | Yes source | Not published Says private-label CMBS without splitting out SASB | Not published | Not published | Not published | Not published |
| CRE CLOs | No source | Yes Third-party description source | Yes Per CRE Daily source | Yes source | Yes source | Not published | Not published | Not published | Not published |
| Agency multifamily (Freddie Mac, Fannie Mae) | No source | Yes Third-party description source | Yes Per CRE Daily source | Yes source | Not published | Not published | Not published | Not published | Not published |
| Property and ownership records beyond CMBS | CMBS-financed properties only source | Operating statements for CMBS properties source | County records, ownership, tenants, valuations Per CRE Daily source | Not published | Not published | CoStar property database source | 55M+ properties with owners source | 160M+ properties source | Not published |
| Depth | |||||||||
| Loan-level data | One page per loan source | Yes Per Cherre's vendor listing source | 500+ data points source | Loan- and deal-level data source | Yes source | Yes source | Debt records on each property Per CRE Daily source | Recorded mortgages from public records source | Not published |
| Servicer or analyst commentary | Facts and excerpts from special servicer comments in 10-D reports Pro, coming: Comment facts in bulk, with what changed from last month source | Not published | Not published | Not published Its release does not mention servicer commentary | KBRA analyst commentary source | Not published | Not published | Not published | KBRA commentary inside INTEXcalc for joint subscribers source |
| Servicer watchlist flags | Its own rule-based watch flags; the CREFC watchlist is not public source | Not published | Not published User watchlists and distress alerts are offered; servicer watchlist not stated | Watchlist activity and special-servicing flags source | Not published | Not published | Not published | Not published | Not published |
| Bond classes, tranche analytics or cash-flow models | Certificate classes, CUSIPs, credit support and losses; no cash-flow models source | CMBS and CLO cash flow data Per LSEG's 2022 Yield Book release source | Not published Sells DCF property valuation software | Tranche analytics and credit models source | Loss scenarios that feed cash-flow models in Intex, Bloomberg and Trepp source | COMPASS credit default model source | Not published | Not published | Cash-flow models and price-yield analytics source |
| Publishes a delinquency or distress index | Open distress index, CSV and embed source | Monthly CMBS delinquency rate source | Monthly CMBS distress rate source | Not published | Monthly delinquency on KBRA-rated CMBS source | Not published | Not published | Not published | Not published |
| Access | |||||||||
| API | Free JSON API, no key Pro, coming: Unlimited calls, commercial use and webhooks for the monthly change feed source | Not published Cherre lists a TreppData feed | Professional plan and up Per CRE Daily source | Not published | Not published Bulk download and a data feed | Not published | API plan source | Property Data API source | Client and web-service APIs source |
| AI connector (MCP) | Free remote MCP server Pro, coming: Unlimited agent use source | Not published | Enterprise plan Per CRE Daily source | Claude connector for licensed users, June 2026 source | Not published | Not published | Not published | MCP server, January 2026 source | Not published |
| Free tier or trial | Everything on the site source | Not published | Free account and a trial Its FAQ says a 7-day trial; CRE Daily says 48 hours source | Not published Demo on request | Trial on request source | Not published | Free trial source | Free trial source | Not published |
| How you get it | Free, no login, no key source | Subscription through sales Per CRE Daily source | Paid plans plus a free basic account Per CRE Daily source | Premium license; demo on request source | License; trial on request source | Subscription Per CRE Daily source | Paid plans bought online; free trial source | Paid API plans; free trial source | License source |
| Alerts on loans, portfolios or markets | Free alert sign-up on any single loan; emails start once delivery is switched on Pro, coming: Alerts on whole portfolios, metros, property types and tenants source | Not published | Lists, alerts and distress alerts Per CRE Daily source | Not published | Not published | Not published | Not published | Not published | Not published |
| Bulk files or data feed | CSV of every list Pro, coming: Full monthly history and bulk files (CSV, Parquet) source | TreppData feed Per Cherre's vendor listing source | CSV and XLSX exports; bulk delivery on the top plan Per CRE Daily source | Not published | Bulk download and a data feed source | Not published | API plan source | Not published | Not published |
● yes · ◐ partly or on some plans · ○ no · Not published: we could not find it in a public source. Products change; check each firm's site.
Everything below works today without an account.
claude mcp add --transport http cmbs-news https://cmbs.news/mcpThe free version stays free. Pro is for people who track these loans for a living:
cmbs.news is a free, open reading of the loan-level filings public CMBS trusts make with the SEC every month: a page per loan, servicer comment facts, an open distress index, an API and an MCP server. A Pro tier with alerts, full history and bulk files is coming.
Best for: Owners, brokers, lenders, appraisers, reporters and AI agents that need the public-trust loans, servicer comment facts and an open index without a subscription.
Trepp is one of the longest-established CMBS data and analytics firms, and its monthly CMBS delinquency rate is among the figures most cited in the trade press.
Best for: Institutions that want a long-established securitized-loan dataset, research coverage and a delinquency series the market already quotes.
CRED iQ is a CMBS and CRE data platform that covers conduit, SASB, CRE CLO and agency loans plus county records, and publishes a monthly distress rate.
Best for: Teams that want securitized and county-record debt in one subscription, with owner contacts and valuation tools.
Morningstar Credit Analytics is Morningstar's CRE and CMBS surveillance and analytics business, covering conduit, SASB, CRE CLO and agency deals, with credit models and a Claude connector for licensed users.
Best for: Institutions that want surveillance, tranche analytics and credit models aligned with Morningstar DBRS, inside their existing license and AI tools.
KBRA Analytics sells KBRA Credit Profile (KCP): analyst-written, loan-level surveillance of private-label CMBS and CRE CLOs with loss scenarios, delivered inside Bloomberg, INTEXcalc and Trepp.
Best for: Bond investors who want analyst judgment on each loan and loss scenarios that feed their existing cash-flow tools.
CoStar is the largest commercial property database; it ties CMBS loan data to its building records and offers the COMPASS credit default model through Risk Analytics.
Best for: Teams that live in CoStar's property records and comps and want CMBS loans attached to each building.
Reonomy, an Altus Group company, is a commercial property and ownership platform with debt records, built for prospecting owners rather than CMBS surveillance.
Best for: Brokers and lenders prospecting property owners, with contacts and debt history, on a self-serve plan.
ATTOM is a national property data provider built on public records for 160M+ properties, sold mainly as an API, with an MCP server since January 2026.
Best for: Developers who need nationwide property, deed, mortgage and foreclosure records through an API.
Intex builds the cash-flow models that much of the structured-finance market uses to analyze bonds, with 50,000+ deal models across CMBS and other asset classes.
Best for: Bond investors and dealers who need deal waterfalls and price-yield analytics.
Several firms publish a monthly CMBS delinquency or distress rate. They measure different loan universes and define distress differently, so the numbers are not interchangeable. Each is shown here with its own definition and source.
| Publisher and measure | Month | Rate | What it counts |
|---|---|---|---|
| cmbs.news distress index, delinquency | September 2026 | 4.08% | Every loan in the 373 public trusts that file with the SEC; special servicing 5.96% |
| Trepp CMBS delinquency rate (overall) source | September 2026 | 8.02% | As reported by Scotsman Guide citing Trepp |
| CRED iQ overall CMBS distress rate (delinquency + special servicing) source | July 2026 | 10.91% | special servicing 10.38%; delinquency 8.68% |
| KBRA CMBS 30+ day delinquency rate (KBRA-rated US private-label CMBS) source | September 2026 | 7.7% | distress rate (delinquent + current but specially serviced) 10.3%; ~$25.8B delinquent of a $344.4B rated universe |
The public-trust universe leaves out private single-borrower deals, which are a large share of recent issuance, so a public-trust rate can sit well away from an all-CMBS rate. CRED iQ's distress rate adds loans that are current but with a special servicer. KBRA's covers KBRA-rated deals.
cmbs.news is published by Janover Capital LLC and is one of the products compared here; read it with that in mind. We have no relationship with the other firms, and their names and marks belong to them. We describe each from its own public pages and from named third-party reviews, and we list what each does better than we do. If a fact is out of date or wrong, email hello@cmbs.news and we will correct it and note the change on the changelog.